Adidas invests in Finnish sustainable fibre firm Spinnova | Reuters

Spinnova Finland Innovative Textile Fibre

German sportswear firm Adidas (ADSGn.DE), which is seeking to increase the proportion of sustainable materials it uses in its products, is investing in Finland’s Spinnova, a company that makes textile fibre out of wood or agricultural waste.

Adidas has agreed to subscribe for 3 million euros ($3.65 million) worth of shares in the company’s planned initial public offering, bringing the total investment it has secured to 58 million euros, Spinnova said in a statement.

“We are an ideal match with the ambitious and pioneering Adidas sustainability strategy,” Spinnova CEO and co-founder Janne Poranen said.

Spinnova is building its first commercial factory in Finland with strategic partner and wood raw material supplier Suzano, and is also building a pilot facility for fibre production out of leather waste.
— Read on www.reuters.com/business/sustainable-business/adidas-invests-finnish-textile-recycling-firm-spinnova-2021-06-10/


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